ASIAN cities are rapidly growing in importance as global financial centres as Hong Kong, Singapore and Seoul narrow the gap with their Western competitors, a new report shows.
Eleven of the top 12 Asia and Asia-Pacific centres saw a rise in their ratings in the latest Global Financial Centres Index (GFCI) published today with Hong Kong – up two points – maintaining its place as the world’s third top financial centre.
Busan in Korea was the biggest riser after gaining 11 points, followed by Shenzhen in China and Taipei in Taiwan, each gaining nine points.
New York maintained its position as the world’s leading financial centre for the second year in a row though only by one point, with London hot on its heels. Both cities gained seven points in the ranking.
Singapore, up eight points, remained in fourth place followed by Tokyo, Zurich and Seoul. All three cities moved up one place in the rankings after San Francisco lost some of the gains it made last year thanks to its status as a fintech hub.
Among the areas of competitiveness tracked by the GFCI, London came top for financial sector development and infrastructure while New York leads in terms of reputation, business environment and its ability to attract talent.
TOP FINANCIAL CENTRES
1 New York
3 Hong Kong
8 San Francisco